Stephen Colbert’s “Late Show” Canceled After Costing CBS Millions – A Sign of the End for Legacy Late-Night TV?

In a stunning shake-up for late-night television, CBS has announced the cancellation of Stephen Colbert’s “Late Show,” a move that has sent shockwaves through both the media world and the political arena.

According to insiders, the Colbert-hosted show was costing CBS over $100 million a year to produce and was losing more than $40 million annually. Executives at the network had reportedly been considering pulling the plug “for some time.” The decision not only signals the end of Colbert’s tenure but marks the demise of “The Late Show” itself, with CBS scrapping the program entirely rather than simply finding a new host.

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The cancellation follows mounting criticism of Colbert from both viewers and insiders, with many noting a decline in ratings and a gloomy tone that strayed far from the entertainment expected of late-night fare. Critics argue that Colbert’s relentless focus on political commentary and left-leaning critiques, particularly of Donald Trump and his administration, alienated much of his former audience. “People want laughs and levity before bed, not political lectures,” said one media observer.

Fueling the flames of controversy is the timing of the show’s cancellation, which skeptics – mostly on the political left – believe could be tied to CBS’s recent $16 million settlement with Donald Trump over a “60 Minutes” interview dispute. Colbert openly ridiculed his own network’s settlement on air, suggesting it was little more than “a big fat bribe,” and left-leaning critics suspect his outspokenness may have sealed his fate. However, CBS sources deny the link, pointing instead to mounting financial losses and a rapidly changing TV landscape.

The bigger story, some argue, is that late-night talk shows as a whole may be on the way out. Other hosts such as Jimmy Kimmel and Jimmy Fallon are facing sliding ratings and rumors of impending cancellations, while daytime icons like Ellen DeGeneres and Oprah have faded from the spotlight. Seth Meyers reportedly fired his band to cut costs. Meanwhile, YouTube and digital media personalities are drawing away younger viewers, leaving the old network titans with dwindling audiences.

While Colbert’s “Late Show” did manage to surpass Kimmel and Fallon in total viewers (pulling in around 2.4 million vs. Kimmel’s 1.7 million and Fallon’s 1.1 million), all three shows severely lag behind Fox’s “Gutfeld!” hosted by Greg Gutfeld, which draws over 3.2 million viewers—on a fraction of the budget.

Colbert’s final shows included pointed political monologues and interviews with guests like Congressman Adam Schiff, leading critics to claim the program had become “more pundit than comedy.” Columnist Maureen Callahan slammed Colbert as “humorless and hectoring,” arguing he prioritized applause for his political hits over genuine laughs. She also noted the apparent embarrassment of Colbert being given only one day’s notice of his cancellation—a sign, she says, that CBS leadership had grown tired of his attitude and poor results.

As the curtain falls on Colbert’s “Late Show,” industry watchers say it’s the end of an era—not just for one show, but potentially for the late-night genre as America once knew it. With viewers opting for digital alternatives and entertainment increasingly fractured, network TV may be on the verge of losing its late-night crown for good.

Is this the final nail in the coffin for legacy late-night TV? Only time will tell.